Practicalities of Using an Online Bokerage

[Merican]

Hi Everyone,

Thanks to several helpful forum members and the Retire Japan iDeCo Guide, I have managed to open an iDeCo account with SBI Brokerage and decide the asset allocation (for my Japanese spouse). However, we are struggling to actually use the online platform to implement our plan. Any advice or recommended resources would be most appreciated!

We've transferred 200,000 yen to the account. Strangely it doesn't specify that the account is an iDeCo anywhere I can find which is disconcerting (but we clearly specified iDeCo during the application). If we place an order to purchase an ETF, how do we know what the price will be on the purchase date? How are limits enforced (23,000 yen maximum per month)? What if we inadvertently purchase 25,000 yen worth of shares in one month or more than 276,000 yen in one year?

Thank you for your time!
Merican

[adamu]

There seems to be a few misunderstandings in your post (somebody correct me if I'm wrong):

1) You can't transfer money, especially 200k to an iDeCo. It gets transferred from your account automatically every month.
2) You can't buy an ETF in an iDeCo.
3) You can't make any purchases in an iDeCo actually, you pre-select your asset allocation by choosing from a set list of funds when you apply, and the funds deducted in 1) are automatically allocated to those funds.

It could be that you have applied for iDeCo, but what you are actually looking at (and have transferred money into) is a regular brokerage account.

I use SBI, so here's some exact links.

This is the iDeCo login: https://www.benefit401k.com/customer/Rk ... Login.aspx
This is the standard brokerage account: https://www.sbisec.co.jp/ETGate

[Merican]

Doh! Looks like I was way off. I think you're right that I've been fumbling around in the regular brokerage website. Thank you for pointing us in the right direction! You have been most helpful adamu.